SAROJ BAID,KOLKATA vs. ITO, WARD - 36(3), KOLKATA, KOLKATA

In the result, both the appeals of the assessee are dismissed

Bench: Shri Sanjay Garg, J & Dr. Manish Borad

term capital gain of Rs. 68,87,029/- as bogus and added to the returned income of your appellant as unexplained case credit under section 68 of I T. Act, 1961. (2) Ld Income Tax Officer has erred in law as well as in fact in denying exemption under section 10(38) of I.T. Act 1961 for long

SAROJ BAID,KOLKATA vs. ITO, WARD 36(3), KOLKATA, KOLKATA

In the result, both the appeals of the assessee are dismissed

Bench: Shri Sanjay Garg, J & Dr. Manish Borad

term capital gain of Rs. 68,87,029/- as bogus and added to the returned income of your appellant as unexplained case credit under section 68 of I T. Act, 1961. (2) Ld Income Tax Officer has erred in law as well as in fact in denying exemption under section 10(38) of I.T. Act 1961 for long

PRATIK AGARWAL BENEFICIARY TRUST ,KOLKATA vs. ACIT, C.C.-3(1), , KOLKATA

In the result, all the appeals of the assessee(s) are allowed as per the terms indicated hereinabove

Bench: Sri Sanjay Garg & Dr. Manish Borad

68 of the Act for unexplained cash credit towards bogus long term capital gain and undisclosed brokerage expenses. 8. Aggrieved, all the four assessees preferred appeal before ld. CIT(A) against the action of ld. AO but failed to succeed as ld. CIT(A)s have given almost identical finding in the instant appeals confirming the action

PINKY AGARWAL ,KOLKATA vs. ACIT, CC-3(1), KOLKATA , KOLKATA

In the result, all the appeals of the assessee(s) are allowed as per the terms indicated hereinabove

Bench: Sri Sanjay Garg & Dr. Manish Borad

68 of the Act for unexplained cash credit towards bogus long term capital gain and undisclosed brokerage expenses. 8. Aggrieved, all the four assessees preferred appeal before ld. CIT(A) against the action of ld. AO but failed to succeed as ld. CIT(A)s have given almost identical finding in the instant appeals confirming the action

M/S. GATEWAY FINANCIAL SERVICES LTD., ,KOLKATA vs. ACIT, CC - 3(1), KOLKATA , KOLKATA

In the result, all the appeals of the assessee(s) are allowed as per the terms indicated hereinabove

Bench: Sri Sanjay Garg & Dr. Manish Borad

68 of the Act for unexplained cash credit towards bogus long term capital gain and undisclosed brokerage expenses. 8. Aggrieved, all the four assessees preferred appeal before ld. CIT(A) against the action of ld. AO but failed to succeed as ld. CIT(A)s have given almost identical finding in the instant appeals confirming the action

M/S. NISHIT AGARWAL BENEFICIARY TRUST ,KOLKATA vs. ACIT, CC - 3(1), KOLKATA , KOLKATA

In the result, all the appeals of the assessee(s) are allowed as per the terms indicated hereinabove

Bench: Sri Sanjay Garg & Dr. Manish Borad

68 of the Act for unexplained cash credit towards bogus long term capital gain and undisclosed brokerage expenses. 8. Aggrieved, all the four assessees preferred appeal before ld. CIT(A) against the action of ld. AO but failed to succeed as ld. CIT(A)s have given almost identical finding in the instant appeals confirming the action

YAMINI KHANDEL WAL,KOLKATA vs. ACIT, CIR-36, KOLKATA, KOLKATA

In the result, appeals of both the assessee are partly allowed and appeals of the revenue are dismissed

Bench: Shri Rajpal Yadav, Hon’Ble & Shri Girish Agrawal, Hon’Bleassessment Year: 2010-11 Smt. Yamini Khandelwal Asst. Commissioner Of Income 5, Amratolla Street Vs Tax, Circle-36, Kolkata Kolkata - 700001 Pan: Afupk6167K अपीलाथ"/ (Appellant) "" यथ"/ (Respondent)

68,320/- iv) Income from other sources … 1,85,35,810/- Gross Total Income 1,85,35,810/- Less : Short Term Capital Loss brought forward adjusted NIL Deduction under Chapter-VIA allowable up-to Rs.1 lac not claimed as total income is NIL : NIL ------------------ NIL ---------------------- ---------------------- 6. In the assessment completed u/s 143(3) of the Act, ld. Assessing Officer assessed

DCIT, CIR-36, KOLKATA, KOLKATA vs. SHRI SURAJ KHANDEL, KOLKATA

In the result, appeals of both the assessee are partly allowed and appeals of the revenue are dismissed

Bench: Shri Rajpal Yadav, Hon’Ble & Shri Girish Agrawal, Hon’Bleassessment Year: 2010-11 Smt. Yamini Khandelwal Asst. Commissioner Of Income 5, Amratolla Street Vs Tax, Circle-36, Kolkata Kolkata - 700001 Pan: Afupk6167K अपीलाथ"/ (Appellant) "" यथ"/ (Respondent)

68,320/- iv) Income from other sources … 1,85,35,810/- Gross Total Income 1,85,35,810/- Less : Short Term Capital Loss brought forward adjusted NIL Deduction under Chapter-VIA allowable up-to Rs.1 lac not claimed as total income is NIL : NIL ------------------ NIL ---------------------- ---------------------- 6. In the assessment completed u/s 143(3) of the Act, ld. Assessing Officer assessed

SURAJ KHANDELWAL,KOLKATA vs. JCIT, RG-36, KOLKATA, KOLKATA

In the result, appeals of both the assessee are partly allowed and appeals of the revenue are dismissed

Bench: Shri Rajpal Yadav, Hon’Ble & Shri Girish Agrawal, Hon’Bleassessment Year: 2010-11 Smt. Yamini Khandelwal Asst. Commissioner Of Income 5, Amratolla Street Vs Tax, Circle-36, Kolkata Kolkata - 700001 Pan: Afupk6167K अपीलाथ"/ (Appellant) "" यथ"/ (Respondent)

68,320/- iv) Income from other sources … 1,85,35,810/- Gross Total Income 1,85,35,810/- Less : Short Term Capital Loss brought forward adjusted NIL Deduction under Chapter-VIA allowable up-to Rs.1 lac not claimed as total income is NIL : NIL ------------------ NIL ---------------------- ---------------------- 6. In the assessment completed u/s 143(3) of the Act, ld. Assessing Officer assessed

DCIT, CIR-36, KOLKATA, KOLKATA vs. SMT YAMINI KHANDELWAL, KOLKATA

In the result, appeals of both the assessee are partly allowed and appeals of the revenue are dismissed

Bench: Shri Rajpal Yadav, Hon’Ble & Shri Girish Agrawal, Hon’Bleassessment Year: 2010-11 Smt. Yamini Khandelwal Asst. Commissioner Of Income 5, Amratolla Street Vs Tax, Circle-36, Kolkata Kolkata - 700001 Pan: Afupk6167K अपीलाथ"/ (Appellant) "" यथ"/ (Respondent)

68,320/- iv) Income from other sources … 1,85,35,810/- Gross Total Income 1,85,35,810/- Less : Short Term Capital Loss brought forward adjusted NIL Deduction under Chapter-VIA allowable up-to Rs.1 lac not claimed as total income is NIL : NIL ------------------ NIL ---------------------- ---------------------- 6. In the assessment completed u/s 143(3) of the Act, ld. Assessing Officer assessed

SOUMITRA CHOUDHURY ,KOLKATA vs. ACIT, CIRCLE - 22 , KOLKATA

Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Years :2012-13 Soumitra Choudhury V/S. Acit, Circle-12 28C, Satish Mukherjee 54/1, Rafi Ahmed Road, Kolkata-700026 Kidwai Road, [Pan No.Acnpc 4627 Q] Kolkarta-16 .. अपीलाथ" /Appellant ""यथ"/Respondent Shri Miraj D Shah, Advocate अपीलाथ" क" ओर से/By Appellant Shri Sankar Halder, Jcit-Sr-Dr ""यथ" क" ओर से/By Respondent 13-03-2019 सुनवाई क" तार"ख/Date Of Hearing Assessment Year :2015-16 Purushottam Das Agarwal V/S. Income Tax Officer, C/O Balaji Enterprises, Ward-35(1), Aayakar 83/85 N.S. Road, Ground Bhawan Porva, 110, Floor, Kolkata Shantipally, Kokata- [Pan No.Actpa 9138 Q] 107 .. अपीलाथ" /Appellant ""यथ"/Respondent Shri Subash Agarwal Advocate अपीलाथ" क" ओर से/By Appellant Shri Sankar Halder, Jcit-Sr-Dr ""यथ" क" ओर से/By Respondent 14-03-2019 सुनवाई क" तार"ख/Date Of Hearing 15-03-2019 घोषणा क" तार"ख/Date Of Pronouncement आदेश /O R D E R Per S.S.Godara:- These Two Assessees Have Filed Their Instant Appeal(S) For Assessment Year(S) 2012-13 & 2015-16 Against The Commissioner Of Income Tax

section 68 is called for. Since the assessee has placed the contract note, payment through cheques identifying the company whose shares were transacted, the genuineness of claim of long term capital gain

PURUSHOTTAM DAS AGARWAL ,KOLKATA vs. ITO, WARD - 35(1) , KOLKATA

Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Years :2012-13 Soumitra Choudhury V/S. Acit, Circle-12 28C, Satish Mukherjee 54/1, Rafi Ahmed Road, Kolkata-700026 Kidwai Road, [Pan No.Acnpc 4627 Q] Kolkarta-16 .. अपीलाथ" /Appellant ""यथ"/Respondent Shri Miraj D Shah, Advocate अपीलाथ" क" ओर से/By Appellant Shri Sankar Halder, Jcit-Sr-Dr ""यथ" क" ओर से/By Respondent 13-03-2019 सुनवाई क" तार"ख/Date Of Hearing Assessment Year :2015-16 Purushottam Das Agarwal V/S. Income Tax Officer, C/O Balaji Enterprises, Ward-35(1), Aayakar 83/85 N.S. Road, Ground Bhawan Porva, 110, Floor, Kolkata Shantipally, Kokata- [Pan No.Actpa 9138 Q] 107 .. अपीलाथ" /Appellant ""यथ"/Respondent Shri Subash Agarwal Advocate अपीलाथ" क" ओर से/By Appellant Shri Sankar Halder, Jcit-Sr-Dr ""यथ" क" ओर से/By Respondent 14-03-2019 सुनवाई क" तार"ख/Date Of Hearing 15-03-2019 घोषणा क" तार"ख/Date Of Pronouncement आदेश /O R D E R Per S.S.Godara:- These Two Assessees Have Filed Their Instant Appeal(S) For Assessment Year(S) 2012-13 & 2015-16 Against The Commissioner Of Income Tax

section 68 is called for. Since the assessee has placed the contract note, payment through cheques identifying the company whose shares were transacted, the genuineness of claim of long term capital gain

ITO, WARD - 4(1), KOLKATA, KOLKATA vs. M/S. TRIBUTE TRADING AND FINANCE LTD.,, KOLKATA

Bench: Shri S.S.Godara & Shri, M. Balaganesh

long term capital gains & losses hereinabove, the Assessing Officer in assessments framed in both assessees cases had treated the respective capital gains arising from sale of shares in M/s NCL Research & Financial Services in former as well as losses in latter cases (supra) to be lacking genuineness. Both the learned representatives are ad idem during the course of hearing that

SRI SUBRATA BANERJEE ,KOLKATA vs. ACIT, CIRCLE - 51(1) , KOLKATA

Bench: Shri S.S.Godara & Shri, M. Balaganesh

long term capital gains & losses hereinabove, the Assessing Officer in assessments framed in both assessees cases had treated the respective capital gains arising from sale of shares in M/s NCL Research & Financial Services in former as well as losses in latter cases (supra) to be lacking genuineness. Both the learned representatives are ad idem during the course of hearing that

ITO, WARD - 4(1), KOLKATA, KOLKATA vs. M/S. TRIBUTE TRADING AND FINANCE LTD.,, KOLKATA

Bench: Shri S.S.Godara & Shri, M. Balaganesh

long term capital gains & losses hereinabove, the Assessing Officer in assessments framed in both assessees cases had treated the respective capital gains arising from sale of shares in M/s NCL Research & Financial Services in former as well as losses in latter cases (supra) to be lacking genuineness. Both the learned representatives are ad idem during the course of hearing that

EIH LIMITED,KOLKATA vs. DCIT, CIR-8(1)KOL., KOLKATA

In the result, assessee’s appeal stands partly allowed for statistical purpose

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmedassessment Year :2012-13 Eih Ltd V/S. Dcit, Circle-8(1), 4, Mangoe Lane, Aayakar Bhawan, P-7, Kolkata-700 001 Chowringhee Square, [Pan No.Aaace 6898 B] Kolkata-69 .. अपीलाथ" /Appellant ""यथ"/Respondent Shri Ravi Sharma, Ar अपीलाथ" क" ओर से/By Appellant Shri P.K. Srihari, Cit-Dr ""यथ" क" ओर से/By Respondent 27-02-2018 सुनवाई क" तार"ख/Date Of Hearing 16-05-2018 घोषणा क" तार"ख/Date Of Pronouncement आदेश /O R D E R Per Waseem Ahmed:- This Appeal By The Assessee Is Directed Against The Order Of Dispute Resolution Panel-2, (Drp For Short) Dated 17.10.2016. Assessment Was Framed By Dcit, Circle-8(1), Kolkata U/S 144C(13)/143(3) Of The Income Tax Act, 1961 (Hereinafter Referred To As ‘The Act’) Vide His Order Dated 29.11.2016 For Assessment Year 2012-13 & Grounds Raised By Assessee Read As Under:- “1.0 Determination Of Arm'S Length Price For Corporate Guarantee Fees 1.1 On The Facts & In The Circumstances Of The Case & In Law, The Learned Transfer Pricing Officer (Hereinafter Referred To As "Ld, Tpo") & Accordingly Learned Assessing Officer (Hereinafter Referred To As "Ld. Ao") Erred In Treating The Corporate Guarantee Extended By The Appellant To Its Associated Enterprise (Ae) As International Transaction & Dispute Resolution Panel (Hereinafter Referred To As "Ld, Panel") Erred In Confirming The Same As An International Transaction Without Appreciating The Fact That It Does Not Fall Within The Ambit Of "International Transaction" U/S 92B Of The Act. 1.2 The Ld.Ao/Tpo & The Ld. Panel Failed To Appreciate The Fact That Corporate Guarantee Has Been Advanced By The Appellant As A Matter Of Commercial Prudence To Protect The Business Interest Of The Group By Fulfilling

long term capital loss of Rs 9,77,54,843/- against the deemed short term capital gain of Rs 7,18,74,000/- in the facts of the case. The ld AO is accordingly directed to give benefit of the same to the assessee based on the correctness of the claim of brought forward loss figure made by the assessee

RAGUVALIKA TRADING PVT LTD ( SINCE MERGED WITH M.M.MURARKA SHARE & SECURITIES PVT LTD),KOLKATA vs. D.C.I.T CIR - 4,KOLKATA, KOLKATA

In the result, the appeal of the assessee in ITA No

Bench: Hon’Ble Shri M.Balaganesh, Am & Shri S.S.Viswanethra Ravi, Jm] I.T.A Nos. 848 To 850/Kol/2013 Assessment Years : 2005-06 To 2007-08 Ruguvalika Trading Pvt. Ltd. -Vs- Dcit, Circle-4, Kolkata (Since Merged With M.M. Murarka Share & Securities Pvt. Ltd. [Pan: Aabcr 5743 B] (Appellant) (Respondent)

section 111A of the Act have been introduced in the statute book with effect from 1.10.2014 and concessional rate of tax for STCG with 11 Ruguvalika Trading Pvt. Ltd (Since merged with M.M. Murarka Share & Securities Pvt. Ltd. A.Yr. 2005-06 to 2008-09 effect from 1.4.2005, wherein , sale of shares routed through a recognized stock exchange had to suffer

RAGUVALIKA TRADING PVT LTD ( SINCE MERGED WITH M.M.MURARKA SHARE & SECURITIES PVT LTD),KOLKATA vs. D.C.I.T CIR - 4,KOLKATA, KOLKATA

In the result, the appeal of the assessee in ITA No

Bench: Hon’Ble Shri M.Balaganesh, Am & Shri S.S.Viswanethra Ravi, Jm] I.T.A Nos. 848 To 850/Kol/2013 Assessment Years : 2005-06 To 2007-08 Ruguvalika Trading Pvt. Ltd. -Vs- Dcit, Circle-4, Kolkata (Since Merged With M.M. Murarka Share & Securities Pvt. Ltd. [Pan: Aabcr 5743 B] (Appellant) (Respondent)

section 111A of the Act have been introduced in the statute book with effect from 1.10.2014 and concessional rate of tax for STCG with 11 Ruguvalika Trading Pvt. Ltd (Since merged with M.M. Murarka Share & Securities Pvt. Ltd. A.Yr. 2005-06 to 2008-09 effect from 1.4.2005, wherein , sale of shares routed through a recognized stock exchange had to suffer

RAGUVALIKA TRADING PVT LTD ( SINCE MERGED WITH M.M.MURARKA SHARE & SECURITIES PVT LTD),KOLKATA vs. D.C.I.T CIR - 4,KOLKATA, KOLKATA

In the result, the appeal of the assessee in ITA No

Bench: Hon’Ble Shri M.Balaganesh, Am & Shri S.S.Viswanethra Ravi, Jm] I.T.A Nos. 848 To 850/Kol/2013 Assessment Years : 2005-06 To 2007-08 Ruguvalika Trading Pvt. Ltd. -Vs- Dcit, Circle-4, Kolkata (Since Merged With M.M. Murarka Share & Securities Pvt. Ltd. [Pan: Aabcr 5743 B] (Appellant) (Respondent)

section 111A of the Act have been introduced in the statute book with effect from 1.10.2014 and concessional rate of tax for STCG with 11 Ruguvalika Trading Pvt. Ltd (Since merged with M.M. Murarka Share & Securities Pvt. Ltd. A.Yr. 2005-06 to 2008-09 effect from 1.4.2005, wherein , sale of shares routed through a recognized stock exchange had to suffer